Tata Motors Demerger: Tata Motors has completed the demerger of its two key businesses, creating two independent entities – Tata Motors Passenger Vehicles Ltd (TMPV) and Tata Motors Commercial Vehicles Ltd (TMLCV). The long-anticipated restructuring became effective on October 1, and the Tata Motors demerger record date was October 14, 2025.
Under the Tata Motors demerger scheme, shareholders received Tata Motors Commercial Vehicles shares in the ratio of 1:1.
Following the allotment, Tata Motors Commercial Vehicles shares have been credited to the demat accounts of the eligible shareholders. However, investors have been unable to view or trade in TMLCV shares on their trading platforms.
Here’s why, and when trading in TMLCV is expected to begin.
Why TMLCV Shares Are Not Yet Tradable
While TMLCV shares have been credited, they currently remain frozen in demat accounts until listing and trading approvals are granted by the stock exchanges.
“During the period from the date of allotment of shares by TMLCV upto the date of listing on BSE & NSE thereof, the shares of TMLCV shall not be available for trading on the Stock Exchanges. The process of obtaining Listing and Trading permission generally takes 45-60 days from the date of filling necessary application with Stock Exchanges,” Tata Motors had said in a regulatory filing on October 9.
Until these regulatory approvals are received, TMLCV shares will remain visible but restricted from trading in investor accounts. Once the listing and trading permissions are granted by BSE and NSE, the shares will become active on trading platforms, and investors will be notified accordingly.
TMLCV Listing Timeline
Typically, the listing process takes 45–60 days from the submission of the listing application. Hence, investors can expect the TMLCV shares to be listed and tradable by late November, depending on regulatory approvals.
TMLCV Estimated Listing Price
The demerged entity, Tata Motors Commercial Vehicles Ltd, will house the company’s commercial vehicle business and related investments, including its stake in Tata Capital.
According to Prashanth Tapse, Senior Vice President (Research) at Mehta Equities Ltd, the commercial vehicle segment is cyclical and B2B in nature, closely linked to economic growth and infrastructure spending.
“Tata Motors holds a strong leadership position in this segment, with a domestic market share exceeding 37%, supported by its international presence and stake in the Iveco Group. Post demerger, the CV business is likely to be benchmarked against pure-play peers such as Ashok Leyland,” said Tapse.
Based on financial performance, growth outlook, and peer valuations, Tapse estimates the standalone CV entity to be valued around ₹400 per share, attracting investors seeking steady cash flows and cyclical value opportunities.
SBI Securities projects the TMLCV share price to trade in the range of ₹320 – ₹470 post-listing.
“The domestic CV industry is expected to recover in the second half of FY26, aided by GST rate reductions on CVs from 28% to 18%, replacement demand, and increased activity in infrastructure and logistics. The anticipated integration of Iveco Group NV in FY27 will also provide exposure to the global CV cycle,” SBI Securities said in a note.
TMPV Valuation During Demerger
The share price of Tata Motors Passenger Vehicles was determined during a special pre-open session on October 14, the record date. The TMPV stock was valued at approximately ₹400 per share.
Investors holding Tata Motors Commercial Vehicles shares should expect trading to commence within 45–60 days of the listing application, subject to regulatory clearance. Until then, the shares will remain credited but frozen in demat accounts. Once approved, they will be tradable on the BSE and NSE, with official communication from the company confirming the listing date.
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